World at a Glance – 4Q16
Continuous innovation and customer centricity remain the themes for the last quarter of 2016. All over the world we see companies trying to increase customer loyalty through new rewards or discount programs either to reward for healthy behavior or to encourage purchasing through affiliations with vendors from other industries.
New services are being offered that may not be directly linked to the sale of insurance but are beneficial for brand awareness, such as educational and planning tools. New innovative programs are also being designed to improve follow-up care for policyholders who need treatments or monitoring.
Insurers continue to look for ways to make sales easier and quicker through a myriad of online tools and mobile apps. These apps vary in complexity, ranging from being able to buy a modest life cover within minutes for millennial customers to receiving comprehensive health insurance experience for high net worth customers.
Mature markets continue to see products becoming more comprehensive and more global as companies offer products that are borderless, such as overseas medical and travel coverages. In rural and emerging markets we continue to see bancassurance partnerships and telecom microinsurance initiatives.
Companies are also looking for new avenues through which to sell their products, such as telecom branches, furniture, home and appliance stores and others. Organizations are also exploring robo-advisor technology to replace or accompany human advice as they continue to look for ways to reduce distribution costs by streamlining systems and embracing technological innovation.
Interestingly, virtual reality has now entered the insurance world! “ConVRse,” a first-of-its-kind on-demand virtual reality customer service platform, was launched in India to serve clients through its avatar called Khushi!